Estate Tax 2013 Update
At the last minute Congress came together on a bill to stop the estate tax exemption from falling to $1,000,000.00.
- The estate tax exemption, lifetime gift tax exemption and generation skipping transfer tax exemption will each be $5,250,000.00 for the year 2013 and indexed for inflation in later years. (this is always subject to a change in law)
- The estate tax rate will be 40%
- The annual gift exclusion in 2013, will increase to $14,000 per individual ($28,000 for couples).
This is good news for many whose total estates are above 1 million. However, there is still a need to plan for the transfer of assets for those with less than a 5 million dollar estate. Using a revocable living trust to avoid probate is just one example. A Utah living trust lawyer can provide additional information. Moreover, a qualified Utah estate planning lawyer should be consulted to understand which assets are included as part of your estate. It is also important to understand how each of your assets will be transferred to your beneficiaries.
Contact a Utah Estate Planning Attorney
If you or a loved one is interested in meeting with a Utah Lawyer for more on the Estate Tax 2013 update, contact an experienced Utah estate planning attorney at the law office of Pearson, Butler & Carson. For more information, contact a Utah Tax Lawyer at (801) 495-4104 and schedule a free consultation. We are located in the Salt Lake City area, including South Jordan attorney and Layton attorney offices.